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once again getting a nice little bump after a very good rating. ending up over 8%. nicole: operating by couple of analysts. a winning day for facebook. liz: the bells rang on wall street, take a look and see how the stock market finishes up. if you are heavy in the nasdaq and small in the mid-cap moving higher at the moment. the russell 2000 see a gain of just under two points, of course dow jones industrials down more than 79 points early. david: would like to focus on coal and natural gas. they continued moving lower. the sector began to take a hit following the election, and has yet to find its footing. liz: take a look at nat gas. they're all moving lower.
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the expectation of warmer weather across much of the u.s. means less usage of natural gas, particularly in the northern midwest and we were going to get snow tomorrow under an inch. david: and we are seeing weakness the department store stocks. macy's and nordstrom's underperforming in that particular sector. liz: how about some jewelry for the holidays. a rough year, but today it is making a huge push to get consumers to buy diamonds and fine jewelry. president and ceo harvey cantor here live to tell us what those deals are including a huge giveaway they're doing and how we are doing and what kind of a halo effect they're having on the giveaway. david: and economic advisors warning middle-class tax rates to rise and failing to catch could cause consumers to spend
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$200 million less than they normally would next year. coming up chairman of the president's council of economic advisors joining us to talk about the fiscal cliff and whether we will go over it. liz: do not miss it. but first what drove the market with today's data download. the nasdaq the only major index. still a pretty rough day on light volume. the dow and s&p ending lower the s&p ending lower with isn't a step in the longest winning streak in more than three months. tech and utilities were the top performing sectors while telecom and energy lag behind. we were talking about natural gas prices tumbling 4% today on warmer weather. forecasters warning of a warm start, but still expected to be much colder than last year. a lot of people betting it would be $4 at this point, if not. factory activity among the manufacturers falling back into
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contraction this month on bigger than expected drop as the federal reserve said activity index fell three points negative 2.8. the first of five regional reports covering an area that is not affected by hurricane sandy so you can only imagine how it would be in new york. david: will be talking with scott bauer in the pit of the cme. duking it out in our street fight. let's start with scott at the cme. consumer sentiment first of all. it is very high, but are the folks who say they're optimistic in their money where their mouths are? >> so far they are. but it is really teetering on the brink of something bad happening. i don't mean to be looking into a black hole, but so many macroeconomic things on the
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table, holiday shopping numbers, any one of them that we can get spooked on to set the number on consumer confidence. what we will see tomorrow which will not reflect this weekend, but anything that can spooked consumers, this thing can really take a sharp move down. now, if nothing happens, the trend is picked up so much momentum that could lead us to the end of the year. if we get by with all of this all the saber monday stuff, we should be okay. consumer confidence could be the lagging indicator for what is spent in everybody's holiday shopping this season. that one to me is very key. liz: did we not see it on black friday and frankly today? black friday sales at 16% but overall just looked very healthy. does that indicate consumers
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have become smarter? >> don't know if it is smarter or they just feel better. when is the last time you went out and shop holiday shopping and said i actually feel pretty good about this. that is factoring in. and that is driving people to get out and feel good and make their purchases and go forward. i don't want to be the bearer of any kind of bad news, but let's hope that remains that way and that will lead us to a great holiday season. david: a hopeful note of caution. we will come back to in s&p futures close. thank you very much. liz: it is time for a street fight. lessons from our bull, chief investment officer. today's bear is scott president of street one financial. give us three reasons i feel
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very confident about this country and i am thinking it's awesome to activity that came to black friday but give us three reasons why you're bullish on equities overall. >> the u.s. faces little more of a headwind than the world does. it is almost a decade of big overvaluation especially constructive with the rest of the world. look at europe, other parts of the world are trading particular lowe's, also constructing as well. it is a decent environment. david: will be talking to alan krueger coming up about that particular subject. you say any deal they make will be a bad deal, how so? >> everybody is worried about going over the cliff and all the automatic cuts that go into
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effect. if they reach a deal it will involve tax hikes, it'll look a lot like sequestration. if you're not excited about the market, how can you be excited about cutting a deal? liz: they are buying millions of ipad and galaxy, the samsung is doing incredibly well. maybe they are not as caught up. so we in california just over the weekend, we were both the fiscal cliff? they said the fiscal blitz? i said it is kind of like a fiscal blitz. >> it does not mean the stock market itself isn't going to react negatively to any deal that comes out with continued
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problems in europe. david: despite the fact that you are a bull, you only have 8% of your funds in u.s. stocks. why? >> the picture is better from a fundamental standpoint. you hear so many headlines of what is going on in europe and greece. almost generational lows. a lot of the risk is already been taken out.pensive markets in the world. not but 20 or 30% maybe 4%, 5% of u.s. you have to look elsewhere. liz: what are the three areas you like most? speaker in the u.s. overweight financials foreign. we're getting higher exposure to a lot of european countries.
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some emerging countries outside of europe, thailand turkey, that has had a particularly good momentum. a phenomenal run many index was up 15, 20, 30%. you have the perfect environment for them with high yield environment and they should do very well. still holding a nice chunk. david: a very strange situation, a bull buying outside of the united states and a bear by inside the united states. i refer to amazon. despite your bearish on the fiscal cliff, you still say amazon is a good buy? why? >> amazon will be the big winner of the holiday shopping season while i expect them to significantty outperform an earnings think amazon is the stock ready to pop the way apple did two years ago. david: let me pressure you on that. 10%, 20% boost from where we are
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right now? speak i think it can go 10, 15% more like 25%. liz: give us another name you like. speak of the volatility funds that are out there. lol gx and other indexes. liz: explain how to people how they work. >> if you think the market is going down, they will be long volatility. they will be nimble enough they can get out of volatility and be on the counter side. the market going up for the market going down, their motley portfolio on a daily basis for how to pick out the roller coaster ride. david: that is a great suggestion. good to see you both. the president's council of economic advisors is out with a new study say consumers spending could fall by $200 billion if
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connersville to extend middle-class tax cuts. the chairman of the economic advisors will be joining us. liz: they say diamonds are a girls best friend. it also could be a retailer's best friend. and the president and ceo of the company selling this. and how much this ring i am wearing cost david. david: over $100? liz: if it is, will you still buy it for me? thank you. and looking for the best deal on an item on this cyber monday? would if you could compare prices from thousands of merchants offer one single place? you heard of these websites before but price lets you do that with a click of a button. 80 million items can be compared. what you want is on there. the president and ceo will join us to tell us.
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liz: we have some breaking news on that website many of you might have jumped on, in trade, the betting website letting you bet on just about anything. >> if you're an american citizen, you have to get off the site by the end of the year. making that announcement breaking news right now as the cftc sued the ireland-based in trade and company over illegal trades wanttrade law people to get illegal trades on the price of gold and currency. you are getting this website intrade, u.s. customers must close their account and withdraw funds from the site by december 31. before the year's end. citizens have to exit the site intrade. also following a trend we're watching very closely been closer to the fiscal cliff seen tax rates increase. weight watchers international latest company to declare their
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dividend and to pay it early. it will pay it out normally they pay the dividend in january but they will have an acceleration of placement of the regular quarterly dividends for the fiscal quarter usually paid out in january, the same amount as always. $0.7.5 per share. normally shareholders would pay a lower tax bracket if we saw the rising cost of oil. david: we're about to see a lot of activity. also expected to see, for example, cases in which people who have been giving out dividends thinking of increasing dividends are buying back their stock instead because the tax penalty for that is a lot less than what it could be. liz: you are seeing the stock altered, shares ending lower. on the floor of the new york stock exchange, some of this obviously they did not go to enough of the movie.
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nicole: the five day weekend is actually a box office winner. record-setting winner. $290 million. you know what did not participate in disappointed analysts with the dreamworks film. apparently it did not meet the standard, not the three-day standard for the five-day standard. bringing in $24 million. rather than what was estimated by the analysts. with this now cut to below average from average, the new price target $15 down from $20. not good news for the tooth fairy, santa comes with a cute movie, but certainly did not bring in the movie they money they had hoped for. david: retailers kicking on the holiday season with a bang. a record amount of shoppers to their stores and online over the
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weekend. liz: now we have the company that will do the dirty work for you. if i'm the product you want at the best prices for no extra cost. how does that work? ceo and president of pricegrabber. i was just on the site looking at all that you do, this basically price competitive. how's it different from all of that? >> we compile reviews and product specifications over 80 million different products and help consumers read through the specifications to determine what is the best product for them how can you find the best price? david: to provide a look into trends happening with consumers, for example i'm thinking fewer laptops are being sold read >> absolutely. one shift remains off-line to
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online. we will see e-commerce of 25% and maybe 20%, 22% of overall holiday shopping. it is up about 25 to 30%. another big piece inside that we're seeing a tremendous shift from laptop and desktop devices. over the weekend laptop and desktops were down, mobile devices are up strongly representing a quarter of our sales. liz: let's talk about tablets. what was the hardest viewed item on your site? >> the galaxy tablet. liz: that is what i saw on your website. >> is a great value. a lot of tablets for the whole family. liz: do you explain this is refurbished or brand-new? >> if it is refurbished we indicate that.
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usually all new products manufacturer guarantee warranty, complete assurance of quality. david: to consumers always go for the cheapest? >> they go for the lowest price less than half the time. we go for a brand to recognize they go for a store they like the image, lots of ways, lots of different things just like in the mall read. liz: what will happen between now and midnight of december 24? and how do you get paid? >> we are paid when they select that combination. we are paid on the referral. credit will continue to increase through the month but the secret is monday's and tuesday's are always big. people shop at home, maybe they
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do some research, maybe they want to squeeze a little bit of time out of the office. monday is the time. david: congratulations. thank you for coming in. the president's council of economic advisors releasing reports today saying consumer spending will take a huge hit with taxes on the middle class increase. coming up next we will hear directly from the head of the company, alan krueger. liz: i'm sure there are more than a few of us wouldn't mind diamonds for the holiday or one of these. look at this. gorgeous, surrounded by diamonds. the president and ceo largest online retailer of diamonds and jewels joining us with the holiday outlook.
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liz: the countdown to the fiscal cliff 35 days left to reach an agreement or not before a series of automatic tax hikes and spending cuts hit. david: the council of economic advisors released by the tax cuts expire would have effect on the consumer spending. the member of the cabinet, alan krueger. thank you for coming in. >> thank you for having me.
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david: they came out with a report of how much revenue to collect if in fact all the tax increases took place. they come up with a figure of $82 billion per year. only 8% of the trillion dollars deficit why risk slowing down the economy, which a lot of people say might happen if you increase taxes why slow the economy for such a collectively small amount of money? >> first thought don't think it is a small amount of money. we need a balanced approach. david: uribe 2% of the deficit unfunded if you do that. >> to look at the president's budget, what he proposes is raising $1.6 trillion proposing spending cuts as well, combination of which would put us on a sustainable path in the economy in the long run.
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what we should avoid doing is having gridlock, not extending the middle-class tax cuts would wish on our report today is if the middle-class tax cuts are not extended that will cause consumer spending to fall by $200 billion next year. that'll be an awfully big hit to the economy. liz: to a for somebody economic council, physically says middle-class tax cuts on consumer spending, everybody spends. how do we come to this agreement, we keep hearing left the tax cuts they now warren buffett came out with an op-ed in "the new york times" say saying we should make that 500000 or under because two and 50,000 of
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their family is not rich and if the tax cuts expire as well they may be in trouble. do you think there is any wiggle room to move at 250,000 number little bit higher? >> would have to raise a significant amount of revenue so we are on a sustainable path. we cut taxes at a time when the economy could not afford it. we baltimore on a credit card. it will be required for the u.s. government on that unsustainable path. but ultimately that is what it will help our economy. david: what about the idea of deductions? even though the deadline is approaching quickly, when i put $25,000 cap on deductions. covering the overwhelming majority of americans.
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$25,000 cap on deductions it is 40% more than raise the top marginal rates. >> from his very first budget the president proposed limit on functions allowing people to upper income groups deduct 28% rate so you and i get the same benefits from charitable donation as warren buffett does. additional revenue is required to come from along the top rates return to where they were in the clinton years which was the time the economy did well. i work in the government at that time. people at the top did quite well, people of the middle in the bottom did quite well. liz: the question becomes what we have to do to make this happen? what is holding it up? a reasonable approach allowing people to have some deductions just not all the deductions.
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a ton of coin for the government hopefully to use wisely. >> it is deductions as well as long top rates to return to where they were in the clinton years. that is what the president has supported all along, that is what he campaigned on and if the house of representatives were to pick up the bill the senate passed an extend middle-class tax cuts, that would go a long waysway to solving the fiscal cliff issues. david: chairman alan krueger please come back and see us again. >> thank you for having me. liz: ringing in the holidays with diamonds. up next, the president and ceo of blue nile. this is his super bowl. harvey kanter with his outlook on the holidays. what deals they have for shoppers. david: close-up, close-up.
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raking itnb in? our guestswill identifyht hot gift items.[8 retailerym ceo of4h blue s you brought the bling.p >> this is rea$ob exciting this holiday season.'mèsrm: david fought to do thisnb segment. david'sç wife wanted him to doxd this segment. don'tg# worry mcl i will hook this up. talky overzv black friday you're website is always open÷ú right. >> it is always open. lizr@o you see any change in behavior.ym were people shoppibñ on thanksgiving? >>u! they started on wednesday night, thanksgiving special. it was phenomenal the other 50%. our traffic. we had two00% increaseym in revenue. liz:v: how can you telld8 someone is buying on galaxy÷ú or cell phone or laptop? >>p we're optimized forg# each kind of phone andzv iphone app
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for two yearsñ which we're the firstym jeweler to launch it. liz: what ' the stunning difference so far;háhis year over last year? >> the demand for luxuryzv last year but demand for value is even greater. that i]ú why we launched$cj% cyber monday. 40% offp stud diamond earrings.ç liz: stud diamonds?/k:rju big does the site go?ñ! >> they go big as you want. they started out÷ú small big as you want. liz: do three carat do fourym carat? >> dozv indeed. ideal cut. perfect diamonds. very exciting. liz: don'tv: do more than two or three.÷ú look at some of the items here. i want t yellow that is halos?zv >> one of the hottest trends in the÷ú market.bht liz: the diamond,÷ú halo actual stone. howzv much is thisroz? ( >> 20,000. liz: people[ buy in online withoutç looking at it? >> we have 30-day policy )w returns, no questions asked. liz: what is rate of return? >> amazingym how manyb people
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receive returns? >>d8 you're hoping to get that offym your hand. liz: speaking what is onzv my hand. i have two one is diamond halo.p it is a center stone what i m the size there? >> that isp a little over a carat.zv that is perfebd ideal cut au! flawless diamond. liz: a >> yes. liz: imy know. how much >> that isd8 about $30,000. a little."ñ more than that. liz:ym 35,000. the one i'm wearingw >lwbf> that is about8 $20,000,. liz: this is sapphirez÷ 6hcj% correct? >> uh-huh. liz: lookç at the necklaces david.4j jn they're sparkly6!fd beautiful. i bet the priceapoint is there. >> this isym successfulsña luxury. theyq are greatzv mini next lasts. they startu wishbone÷ú goes just under 7lw liz: i love this one.÷ú >> very demure and÷ú dainty. liz: you can do thatw make somebody feelnb super special.zv >> one of the greatest holiday÷ú gifts that a man can giíea wife this holidayd8 season. liz: that i like.;o@
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when we're looking what isv: going on with the economy %1:uj do you hear about that from and more about just÷ú being good stewards ofjur business. liz: right. >> we clearly understand there are challenges inv: the environment. but we facedp headwinds before. web are pretty adaptable incredibly efficientodel. we haveiñ a plan for long-termco: growth. liz: you have competition from÷ diamond priceszv have they gone upnb in general? >> actuallyyz7 the opposite. no bettermy time to buy than today8v third quarter was our besta quarter in seven years. largely becauseaof our own investy"t, reduced pricing andym deterioration inóu good way of diamond
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expected inu! q4 which will set up$ record year inzv 2012. liz: coming back from a tough time. gbe+t to see you harvey. thank you veryzv much. keep us posted. >> great to be here. hálly we'll get those on your ring.÷ú liz: i covered whenv: blue nile went public manyp years ago. everybody thought this will never work. nozv one would buy diamonds kicking. >> indeed we are.ç thanks for having2í us here. liz: try to get these off my haj:ñ >> good luck. liz: harvey cantor president and ñ ceo of blue nile.zv tell mark wep said hi. >> indqcb. david: what a great story.=) netflix brought youçço unlimited movies atp home. movie pass iszv bringing unlimitedym movies at theht theater for a monthly fee.÷ú we have the cofounderç exclusively after the to tell us how it works and÷ú how they're making money.xd not just your shopping needs to be doneu! by christmas. or we'll all suffer not just thep middle class. we head÷ú to washington, d.c.
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for the late@d"on the negotiations. ♪ ♪
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tdd#: 1-800-345-2550 through march 20. tdd#: 1-800-345-2550 best part... no jet lag. tdd#: 1-800-345-2550 call 1-866-294-5409 tdd#: 1-800-345-2550 and a global specialist tdd#: 1-800-345-2550 will help you get started today. longest winning streak since jhuary. the dow was down 42 points back below the/+ 13,000 level. alehman brothers is selling itst largest asset archstone, to equityp residential and avalon/ñ bay for 6.5 billion bucks in cash and stock.u! under the agreement equity residential will own 60% ofd8 the archstoneko assets and liabilities with thes remainders
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liz:ym advertising and others income so that you ca offer these. >> thesej!. things. people go to theym movies. a lot tend to buymy a lot of dvd's and do other things as well. so thatko is the other side ofxd the business. david: now%q i'm betting that one thing that wouldq please the theaters iszv filling those seatsu! those last minuteñú deals ÷zvu!. find out which theaters1e have all the seats they want to÷ h#ill and maybe give discount
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so we want people to go to the theaters. rather than waiting for it to come on video. david: are you making money yet? >> yes. david: are making money already. are the original investors paid off? >> no, not that quick. liz: where did you get the idea for this? >> shower. david: you're kidding you are taking a shower and the idea pop in your head? >> literally. i wonder if, and six years later. david: what did you do from there? >> just pounding on a lot of doors, asking people thought they were like this idea, a lot of people were. liz: would you have launched visit smart phones weren't in existence yet? >> you couldn't in the same way. you lock into your phone so it prevents you from sharing it
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using it with your friends passing it around. the smart phone definitely came in the right place at the right time. david: good for you, thank you very much. movie pass is the name everybody can find it online right? >> absolutely. if you want to give the gift of movies go to movie liz: take more showers if you want to come up with good ideas. thank you. >> thank you very much. david: maybe we should be saying all we want for christmas is a debt deal. it is off to capitol hill to see if any progress is being made. liz: it is going to cost you more money to buy all 364 items mentioned in the 12 days of christmas. the geese alone up 30%. the big bill coming up.
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david: the election is past, so it is thanksgiving, the fiscal
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crisis has still not been resolved. is it possible congress might drive us all over the cliff? joining us now, chad, great to see you. the consummate insider. we have burned up three weeks since the election. but only have five more to go, are we going to make it? >> that is the great untold story, there's not that much time after the election to get thanksgiving and christmas. we did not meet a goal after the election, finally had a meeting later in the week down in the white house with the congressional leaders, john boehner, harry reid, mitch mcconnell, and out for thanksgiving solely today are people trying to get back starting to draw the battle lines a little bit. we seem to have burned three
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weeks which is time is of the essence. david: i'm thinking three years ago obamacare on christmas eve, will it come down to that? >> maybe new year's eve january january 1, mandattry spending cuts kick in on the second of january. you hit on a very important point. congress only ask when there is the gamut swinging over their heads. they often do this around christmas time. it is the final train leaving the station. finishing the christmas shopping and people start to get itchy, i compare it to stockholm syndrome. people are sweating it out after a while they start to sympathize. david: i was saying is it an either or? tax rates go up or you get in
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and of deductions for the wealthy, and he seemed to say both. we should have a cap of $25,000 cap on abductions and marginal tax rate go up. do you think the president will hold out for that? >> harry reid this afternoon was adamant, hope the house republicans are listening. the president has spoken. mitch mcconnell said we needed to tone down the reckless voices of the left. that will be the problem. these sites are no further along than they were in march when ben bernanke declare the term fiscal cliff on capitol hill. as to the specifics nobody really knows. there was a proposal about the estate tax for the chairman of the finance committee in the senate, nobody really knows. we will have a million of these ideas between now and the christmas eve or new year's eve.
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david: will tim geithner lead the negotiations? >> tim geithner is in charge, but at the very top level. david: thank you very much. good to see you. back to you. liz: next we take you into the future find out the news moving the market tomorrow. plus, 12 drummers drumming, what will that run you? you don't want to know. wait until you hear how much all 12 days of christmas will cost you. a pretty penny. twins. i didn't see them coming. i have obligations. cute obligations, but obligatio. i need to rethink the core of my portfolio. what i rlly need is sleep. introducing the ishares core building blocks for the heart of your portfolio. find out why 9 out of 10 large professional investors
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♪ liz: let's go off the desk. now we're all familiar with that song the 12 days of christmas. every year we tell you how much it will cost. get ready to spend bake. according to wealth management, the three most expensive items seven swans a swimming. those are seven grand david. david: wow. liz: 11 pipers piping. there you go i think they are like $2500 an hour. and still drawers' drumming. of course if it is the drummer from russia something it will cost you more, but that is about

FOX Business After the Bell
FOX Business November 26, 2012 4:00pm-5:00pm EST

News/Business. Stock market updates. New.

TOPIC FREQUENCY Europe 4, Alan Krueger 4, S&p 3, Warren Buffett 2, Schwab 2, Mitch Mcconnell 2, Harry Reid 2, Harvey Cantor 2, Cme 2, Unitedhealthcare 2, Ho Ho 2, Nile 2, Economist Intelligence Unit 1, Steve 1, Obligatio 1, Harvey Kanter 1, Twins 1, Scott 1, Samsung 1, Macy 1
Network FOX Business
Duration 01:00:00
Scanned in San Francisco, CA, USA
Source Comcast Cable
Tuner Virtual Ch. 130 (Fox Business)
Video Codec mpeg2video
Audio Cocec ac3
Pixel width 704
Pixel height 480
Sponsor Internet Archive
Audio/Visual sound, color

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on 11/26/2012